After giving back early session gains, the corn market faded back into the red. The Wednesday session ended with fractional to 1 ¼ cent losses after the in-delivery Sep contract’s ½ cent gain.
Monthly Census data had 94.41 mbu of corn shipments for the month of July. That was a 56 mbu drop from June exports and was half of July ‘22’s volume. The full year corn export was officially marked at 1.557 bbu, requiring a 168 mbu export for August to hit the WASDE forecast. USDA will update their S&Ds next Tuesday.
USDA’s weekly Crop Progress report had 93% of the corn crop in dough stage, 67% dented, and 18% mature as of 9/3. National conditions slipped 4 points on the Brugler500 Index to 338. SD, IL, MO, MN, and WI dropped the most for the week, while OH, ND, NC and CO saw mild improvements.
Sep 23 Corn closed at $4.71 1/2, up 1/2 cent,
Nearby Cash was $4.72 1/2, up 6 cents,
Dec 23 Corn closed at $4.85 3/4, down 1/4 cent,
Mar 24 Corn closed at $5.00, down 1 cent,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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